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ACQUISITIONS (Tables) | 3 Months Ended
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Mar. 31, 2014
Unaudited Pro Forma Include the Historical Statement of Operation | The following table presents the Company’s pro forma consolidated net sales and income (loss) before income taxes and equity in earnings for the three months ended March 31, 2014 and March 31, 2013. The unaudited pro forma results include the historical statement of operations information of the Company and of Kitchen Craft, giving effect to the Kitchen Craft acquisition and related financing as if they had occurred at the beginning of the period presented. As described below, the Company consummated certain other acquisitions during the three months ended March 31, 2014; however the Company has not included the results prior to their acquisition in these pro forma results as the impact would not have been material.
|  | Unaudited pro forma results |
|  | Three Months Ended |
|  | March 31, 2014 |  |  | March 31, 2013 |
|  | (In thousands, except per share data) |
Net Sales |  | $ | 118,411 |  |  | $ | 113,629 |
Loss before income taxes and equity in earnings |  |  | (2,510 | ) |  |  | (585 | )
Net loss |  |  | (2,077 | ) |  |  | (21 | )
Basic and diluted loss per common share |  | $ | (0.16 | ) |  | $ | (0.00 | )
Thomas Plant |
Purchase Price | The purchase price has been determined to be as follows (in thousands):
Cash |  | $ | 61,302 |
Share consideration issued(1) |  |  | 8,382 |
Value of contingent consideration(2) |  |  | 2,488 |
Estimated working capital adjustment(3) |  |  | 663 |
Total purchase price |  | $ | 72,835 |
(1) | Share consideration issued is valued at the closing market price discounted to account for lack of marketability related to the lock up period as described in the share purchase agreement.
(2) | The value of contingent consideration represents the present value of the estimated payments related to the attainment of certain financial targets for the years 2014 through 2016. The maximum undiscounted deferred and contingent consideration to be paid on the agreement is £5.5 million ($9.0 million).
(3) | Estimated working capital adjustment represents the estimated future payment to be made as defined in the share purchase agreement.
The purchase price was allocated based on the Company’s preliminary estimate of the fair value of the assets acquired and liabilities assumed, as follows (in thousands):
|  | Purchase Price Allocation |
Accounts Receivable (1) |  | $ | 14,258 |
Inventory |  |  | 17,912 |
Other assets |  |  | 3,650 |
Other liabilities |  |  | (9,197 | )
Deferred income tax |  |  | (8,988 | )
Goodwill and other intangibles |  |  | 55,200 |
Total allocated value |  | $ | 72,835 |
(1) | The fair value of accounts receivable approximated the gross contractual amounts receivable.

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2)-(3) -URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1486-128463 + Details
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